Financing Arrangements (Tables)

12 Months Ended

Nov. 30, 2022

Financing Arrangements [Abstract]

Components Of Outstanding Debt

Our outstanding debt, including finance leases, was as follows at November 30:

(millions)	2022			2021
Short-term borrowings
Commercial paper	$	1,224.6		$	530.8
Other	12.1			8.3
	$	1,236.7		$	539.1
Weighted-average interest rate of short-term borrowings at year-end	4.2		%	0.2		%
Long-term debt
2.70% notes due 8/15/2022	$	—		$	750.0
3.50% notes due 9/1/2023(1)	250.0			250.0
3.15% notes due 8/15/2024	700.0			700.0
3.25% notes due 11/15/2025(2)	250.0			250.0
0.90% notes due 2/15/2026	500.0			500.0
3.40% notes due 8/15/2027(3)	750.0			750.0
2.50% notes due 4/15/2030(4)	500.0			500.0
1.85% notes due 2/15/2031	500.0			500.0
4.20% notes due 8/15/2047	300.0			300.0
7.63%–8.12% notes due 2024	55.0			55.0
Other, including finance leases	176.1			199.2
Unamortized discounts, premiums, debt issuance costs and fair value adjustments(5)	(68.2)			(10.6)
	3,912.9			4,743.6
Less current portion	270.6			770.3
	$	3,642.3		$	3,973.3

(1)Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%.

(2)Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45%. The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate

by interest rate swaps through 2025. Net interest payments are based on 3-month LIBOR plus 1.22% with an effective variable rate of 5.83% as of November 30, 2022.

(3)Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $750 million notes at a weighted-average fixed rate of 3.44%. The fixed interest rate on $250 million of the 3.40% notes due in 2027 is effectively converted to a variable rate by interest rate swaps through 2027. Net interest payments are based on 3-month LIBOR plus 0.685% with an effective rate of 5.29% as of November 30, 2022.

(4)Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $500 million notes at a weighted-average fixed rate of 2.62%. The fixed interest rate on $250 million of the 2.50% notes due in 2030 is effectively converted to a variable rate by interest rate swaps through 2030. Net interest payments are based on USD SOFR plus 0.684% with an effective rate of 4.94% as of November 30, 2022.

(5)Includes unamortized discounts, premiums and debt issuance costs of $(25.9) million and $(31.8) million as of November 30, 2022 and 2021, respectively.  Includes fair value adjustment associated with interest rate swaps designated as fair value hedges of $(42.3) million and $21.2 million as of November 30, 2022 and 2021, respectively.

Maturities Of Long-Term Debt

Maturities of long-term debt, including finance leases, during the fiscal years subsequent to November 30, 2022 are as follows (in millions):

2023	$	270.6
2024	796.9
2025	269.7
2026	509.2
2027	759.6
Thereafter	1,375.1